Company No: SC420569 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	23,728		36,518
Investments	4	345,961		345,961
		369,689		382,479
Current assets
Debtors
- due within one year	5	170,133		109,747
- due after more than one year	5	86,597		86,597
Cash at bank and in hand		336,298		248,110
		593,028		444,454
Creditors: amounts falling due within one year	6	( 301,324)		( 209,488)
Net current assets		291,704		234,966
Total assets less current liabilities		661,393		617,445
Provision for liabilities	7	( 2,160)		0
Net assets		659,233		617,445
Capital and reserves
Called-up share capital	8	100,000		100,000
Share premium account		259,740		259,740
Profit and loss account		299,493		257,705
Total shareholders' funds		659,233		617,445

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Noble & Company (UK) Limited (registered number: SC420569) were approved and authorised for issue by the Director on 28 September 2023. They were signed on its behalf by:

R A Macpherson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Noble & Company (UK) Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 95a George Street, Edinburgh, EH2 3ES, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in providing corporate financial advice and is shown net of VAT and other sales related taxes.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the company), then revenue is recognised only when the event occurs.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Vehicles	33.33 % reducing balance
Fixtures and fittings	5 years straight line
Computer equipment	3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Financial and non-financial assets, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and with the banks.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year and greater than one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	10		9

3. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2022	5,042		85,250		17,808		4,998		113,098
Additions	0		0		658		775		1,433
Disposals	0		0		0		( 1,155)		( 1,155)
At 31 December 2022	5,042		85,250		18,466		4,618		113,376
Accumulated depreciation
At 01 January 2022	4,449		53,670		15,879		2,582		76,580
Charge for the financial year	593		10,471		1,941		1,218		14,223
Disposals	0		0		0		( 1,155)		( 1,155)
At 31 December 2022	5,042		64,141		17,820		2,645		89,648
Net book value
At 31 December 2022	0		21,109		646		1,973		23,728
At 31 December 2021	593		31,580		1,929		2,416		36,518

4. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2022	345,961		345,961
At 31 December 2022	345,961		345,961
Provisions for impairment
At 01 January 2022	0		0
At 31 December 2022	0		0
Carrying value at 31 December 2022	345,961		345,961
Carrying value at 31 December 2021	345,961		345,961

5. Debtors

	2022		2021
	£		£
Debtors: amounts falling due within one year
Trade debtors	50,460		35,995
Deferred tax asset	0		11,358
Corporation tax	53,806		0
Other debtors	65,867		62,394
	170,133		109,747
Debtors: amounts falling due after more than one year
Amounts owed by related parties	86,597		86,597

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	55,437		15,920
Other taxation and social security	15,092		34,415
Other creditors	230,795		159,153
	301,324		209,488

7. Provision for liabilities

	2022		2021
	£		£
Deferred tax	2,160		0

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each	100,000		100,000

9. Financial commitments

Other financial commitments

	2022		2021
	£		£
Total commitments under non-cancellable operating leases not provided for in the accounts	99,484		125,475

10. Related party transactions

Transactions with the entity's director

	2022		2021
	£		£
Balances owed by director	8,947		969

During the year, a further £7,978 was advanced to the director. The loan is interest free and repayable on demand.